全球智库信息集成服务系统(G2TT): On the Optimality of Interest Rate Smoothing

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w5947
来源ID	Working Paper 5947
	On the Optimality of Interest Rate Smoothing
	Sergio Rebelo; Danyang Xie
发表日期	1997-02-01
出版年	1997
语种	英语
摘要	This paper studies some continuous-time cash-in-advance models in which interest rate smoothing is optimal. We consider both deterministic and stochastic models. In the stochastic case we obtain two results of independent interest: (i) we study what is, to our knowledge, the only version of the neoclassical model under uncertainty that can be solved in closed form in continuous time; and (ii) we show how to characterize the competitive equilibrium of a stochastic continuous time model that cannot be computed by solving a planning problem. We also discuss the scope for monetary policy to improve welfare in an economy with a suboptimal real competitive equilibrium, focusing on the particular example of an economy with externalities.
主题	Macroeconomics ; Business Cycles ; Money and Interest Rates
URL	https://www.nber.org/papers/w5947
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/563445
推荐引用方式 GB/T 7714	Sergio Rebelo,Danyang Xie. On the Optimality of Interest Rate Smoothing. 1997.